Suiyuan Technology Starts IPO Subscription at 142.18 Yuan Per Share

Suiyuan Technology (688801.SH) began taking subscriptions on September 2, with its IPO priced at 142.18 yuan per share and an implied market value of about 61.187 billion yuan at listing, according to Jiemian News. The company said the offering could raise 6.119 billion yuan in gross proceeds and 5.81 billion yuan net after fees. The chip designer, founded in March 2018, has developed four generations of architecture and five cloud AI chips, and plans to use the proceeds for three projects: fifth-generation AI chip R&D and industrialization, sixth-generation AI chip R&D and industrialization, and advanced AI hardware-software co-innovation. It has not yet turned profitable. Revenue was 301 million yuan in 2023, 722 million yuan in 2024 and 990 million yuan in 2025, while net losses attributable to shareholders were 1.665 billion yuan, 1.51 billion yuan and 1.164 billion yuan, respectively. In the first half of 2026, revenue rose to 1.12 billion yuan from 611 million yuan a year earlier, but the attributable net loss widened to 632 million yuan. The prospectus said Suiyuan expects revenue of 2.3 billion yuan to 3 billion yuan in the first nine months of 2026, with a net loss of 700 million yuan to 860 million yuan. It also said the company had cumulative R&D spending of 3.676 billion yuan in 2023-2025, equal to 182.55% of cumulative revenue, though the ratio fell from 408.01% in 2023 to 181.66% in 2024 and 114.63% in 2025. The company warned that its revenue remains constrained by the early stage of China's domestic AI computing industry, long customer validation cycles and heavy dependence on Tencent, which accounted for 83.79% of revenue in 2025 through direct sales and AVAP model sales.